Sign Up on MEXCCrypto Regulation FIT21 Gets Support From CCI and 60 Organizations
Highlights
- Crypto companies and organizations have signs support letter for the Financial Innovation and Technology for the 21st Century Act (FIT 21).
- CCI, The Digital Chamber, Stand With Crypto, along with other crypto firms expressed support to the bill.
- Regulatory framework creation for the issuance and trading of digital assets by the CFTC and the SEC.
Crypto Council for Innovation (CCI) along with 60 other crypto companies and organizations have signed a support letter for the Financial Innovation and Technology for the 21st Century Act (FIT 21). Congresspeople including US Representative French Hill urges to pass the landmark legislation into law.
FIT21 Coalition Gets Support from 60 Crypto Entities
FIT21 is a historic bill that would provide much-needed regulatory clarity to the crypto industry while ensuring consumer and investor protection. Many digital asset companies and organizations to constructively engage with policymakers to help deliver regulatory clarity and position the U.S. to be a global leader in innovation and technology.
7 organizations including CCI, The Digital Chamber, Stand With Crypto, along with other crypto firms including Andreessen Horowitz, Coinbase, Circle, Digital Currency Group, Galaxy, Gemini, and Sei have signed the letter to express support for H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (“FIT 21”).
The law will help create a regulatory framework for the issuance and trading of digital assets by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). It will help bring clarity on which digital assets come under the jurisdiction of the SEC and the CFTC.
Along with regulation, FIT21 also helps protections in segregating customer funds, requiring risk disclosures, extending bankruptcy protections, imposing minimum capital requirements, and addressing conflicts of interest.
Also Read: Terra Luna Classic Proposal Is Inconsistent With Binance, CoinMarketCap: Top Developer
US Lags Behind Major Jurisdictions
The U.S. lags behind other countries in developing a regulatory framework for digital assets. Major economies like the European Union, United Kingdom, Singapore, Japan, South Korea, the UAE, Brazil, and Australia have made significant progress in this area. Without Congressional action to pass effective rules, American innovators will continue to migrate offshore.
Crypto executives have warned about risks to national security and the economy if American investors and consumers continue to turn to offshore markets.
Also Read: Bitcoin News: On-Chain Data Signals Potential End of Bull Cycle This Month
- Grayscale’s XRP, SOL, ADA Fund To Begin Trading Tomorrow Following SEC’s Greenlight
- Donald Trump Petitions Supreme Court To Remove Fed Governor Lisa Cook
- Pi Coin Rises As Pi Network Implements Protocol v23 on Testnet
- Tether-Backed Plasma Stablecoin Blockchain Set to Launch on September 25
- Cathie Wood’s Ark Invest Backs Nasdaq-Listed Solmate To Launch $300M Solana Treasury
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
